In spite of my initial misgivings of the government’s handling of the Lehman minibond fiasco, I must applaud them for bringing about a faster than expected closure with the latest announcement by Hong Leong Finance, Maybank and DBS to compensate “vulnerable” buyers for their losses.
If the outcome was expected, the government certainly did not betray its intention during the last parliamentary sitting in which Deputy Trade and Industry Minister Mr Lim Hng Kiang defended MAS’s approach to the fiasco so far and urge the investors to be patient.
What makes the banks come to such a collective decision in double-quick time when they have been dragging their feet during the past 2 weeks is anybody’s guess.
Is it due to a possible class action suit mooted by some investors or the endless brickbats hurled by netizens and bloggers at MAS for its impotence and inaction in comparison to the Hong Kong Monetary Authority ?
Irregardless of the real reasons behind this sudden reversal of fortunes, the affected minibond investors, especially retirees who lost their entire life-savings should heave a sigh of relief by now.
Read rest of article here:
http://wayangparty.wordpress.com/20...ers-and-losers-of-the-lehman-minibond-fiasco/
If the outcome was expected, the government certainly did not betray its intention during the last parliamentary sitting in which Deputy Trade and Industry Minister Mr Lim Hng Kiang defended MAS’s approach to the fiasco so far and urge the investors to be patient.
What makes the banks come to such a collective decision in double-quick time when they have been dragging their feet during the past 2 weeks is anybody’s guess.
Is it due to a possible class action suit mooted by some investors or the endless brickbats hurled by netizens and bloggers at MAS for its impotence and inaction in comparison to the Hong Kong Monetary Authority ?
Irregardless of the real reasons behind this sudden reversal of fortunes, the affected minibond investors, especially retirees who lost their entire life-savings should heave a sigh of relief by now.
Read rest of article here:
http://wayangparty.wordpress.com/20...ers-and-losers-of-the-lehman-minibond-fiasco/
